Saudi Basic Industries Corp (SABIC), the world's biggest petrochemical firm by market value, posted a 61 percent rise in second-quarter net profit due to increases in output and prices. SABIC beat analysts' forecasts with net profit of 8.1 billion riyals ($2.16 billion) in the three months to end-June, compared with 5 billion riyals a year earlier.
Analysts surveyed by Reuters on average had expected a net profit of 7.1 billion riyals for the quarter. In a statement on the bourse website on Saturday, the company attributed the rise in profit to increases in production and sales and higher prices for most of its products.
"The main reason for the second-quarter profit increase compared to the same period a year earlier is increased sales and improved prices of some products," the statement said. The company proposed a dividend of 2 riyals per share for the first half of 2011. Operational profit for the second-quarter rose by 45 percent to 13.3 billion riyals.
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